St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-09-24
THE STATE OF TRADE.
The Regular Weekly Review Of
the Commercial Situation.


NEW YORK, Sept. 23.-R. G. Dun 8s
Co.'s weekly review of trade says: A
sudden change in the governments
policy brings hopefulness to the local
money market. Possibly, indeed, too
much may be expected. Treasury pur-.
chases cannot entirely remove the con-
sequences of short crops, harmful spec.
Hlation, over hasty development, or the
change of active into fixed capital.
Wall street looks for the whole of the
S14 ,000, ,000, but large part of the bonds
will come from the interior and the
money will go thither. Much Of it is.
wanted to meet commitments in new.
enterprises, and may be so absorbed.
The speculative advance in prices,i
more money needed to carry the same
stocks or products. The country
is now using, outside the treasury,
81 1928, ,O00, 600 of various kinds of money,
and clear addition of per cent. would
not go very far. But the disbursement
won't be wholly on addition of currency
to the sum in use, because the gOvern-
ment receipts exceed the regular ex-
penditures by 100000 or more each
week. The best of it is that the treas
ury has done, and so may be expected
ance. While money is instantly made;
easier in Wall street, it grows tighter
throughout the interior The. effects Of
absorption of capital in building and
rapid development are each week felt.
more clearly. At Cleveland money is
Every close" At Chicago the constant
demand from country towns causes a
pressure, of which no relaxation att
present is expected. Recent failures
nantinn of phi!aHnlnhia
mer failures also cause pressure at
Cincinnati, where Z per cent. is COM
monty paid; at New Orleans money has
not been so tight since the Grant-Ward
failure; at Kansas City, Omaha and
Milwaukee money is close, and from
nearly all points collections are reported
''slow," or ''only fair" During the,
past week the treasury has paid out
S4,50O,0O0 more than it has taken, so
that its payments exceed its receipts for
the month by 81 100000. Gold continues
shipped: the merchandise exports from
New York for three weeks are per
cent. above last year, against an increase
of 1015 per cent. in imports here. 1t is
the fact that gold comes only for in
veStmhnt or speculation. so that dis
cOuragement might turn the tide.
Clearings continue to show an increase
over last year, for last week, 7.3 per
cent; this, however, includes large
payments on account of building and
speculation. Some depression results
from recent failures in the iron trade,
and from continued heavy importationS,
and while the best brands of pig are
firm, the heavy output tends to
weaken other grades. One large
older for rails has been
cancelled. Boot and shoe sales are not
up to recent expectations, travellers re-
porting orders contracted by monetary
pressure Leather and hides are conSe-
Quently dull, and some slackening in
the woolen goods trade checks the
promise of greater activity in wool.
Dry goods experience some reaction
from the usual activity of recent weeks,
but prices are firmly held. Prices in the
stock market declined Monday and
Tuesday to the lowest of the year, but
have since recovered smartly. Wheat is
also lifting little, and new specula-
ton appears in oil, with some advance
in coffee. The tendency for the moments
is to advance prices in all markets on
account of treasury disbursements, but
the shortness of the crops and the alb
sorption of capital into fixed forms
must still have some influence. The
business failures during the last seven
days number for the United States 1876,
and for Canada 81, total of 1873, as COM
pared with 1SS last and 1S7 for the cor
responding week of 1886.